freitasm: I was wondering if anyone here is using Bitcoin?I've been using it. I have a small amount, used the various exchanges, and stay up to date with the goings on in the community.
icepicknz: Ahh its a game?No, it's an alternative currency using cryptographic principles to handle generation and spending. See http://www.weusecoins.com/
athor: But what does the mining setup actually do? Aside from generate bitcoins.It calculates stuff for the purpose of generating bitcoins. Each miner gets given a block of data and must perform a cryptographic hash of this plus data the miner comes up with (called a nonce). If the hash of this combined data is less than a target value, decided by the network, then the miner 'wins' and a block is generated. The block contains the new 50 bitcoins and any transaction fees attached to the transactions included in the block.
Does it calculate anything of actual use? Like the ps3 folding@home project? Or does it simply calculate stuff for the purpose of generating bitcoins?
freitasm: If you have bitcoins you will need the id for the payee, and you then start a transaction to the id...